GM Bailout Saved Millions of Jobs and Republicans Hate It

Seventeen months after veering into bankruptcy, General Motors has become the unlikely darling of Wall Street, poised to complete an initial public offering Thursday that will fetch more than $20 billion and rank as one of the largest in history.

The federal government seized the opportunity to recoup part of the bailout money it injected into the company in the spring of 2009. The Treasury agreed to sell at least $11.8 billion worth of stock, lowering its 61 percent stake in what has been disparagingly dubbed "Government Motors" to just under 37 percent, a senior administration official said. If underwriters take their over allotments, the Treasury will earn $13.6 billion and its stake will shrink to 33.3 percent.